"But sharp divisions in the coalition merged between the super rich and the merely rich. Business groups have sought a measure of certainty with an estate tax that is free of graduated timelines or sunset provisions, with the largest possible tax exemption - S10 million, or S20 million per couple. The rate of taxation above that level was of little concern, since virtually every small business would be exempt from taxation.
Yet the super affluent who began the movement wanted the lowest possible rate, since even a S10 million exemption would leave the bulk of their estates subject to tax. They backed a call by Mark Bloomfield of the American Council for Capital Formation to tax all estate transfers as capital gains, at 15%, with little or no exemption."

"WASHINGTON — As he often does, President Obama took the opportunity in a bill-signing ceremony last month to remind Congress 'to do what we were actually sent here to do — and that is to stand up to the special interests, and stand up for the American people.'

But Mr. Obama did not mention that the measure he was signing, the Helping Families Save Their Homes Act, was missing its centerpiece: a change in bankruptcy law he once championed that would have given judges the power to lower the amount owed on a home loan.

It had been stripped out three weeks earlier in a showdown between Senate Democrats and the nation’s banks, including many that are getting big government bailouts.

As Congressional Democrats and the White House crow about multiple victories over the financial industry, including new rules for credit card issuers, banks are quietly savoring an even bigger victory of their own."